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<SEC-DOCUMENT>0000943440-06-000024.txt : 20060125
<SEC-HEADER>0000943440-06-000024.hdr.sgml : 20060125
<ACCEPTANCE-DATETIME>20060125160300
ACCESSION NUMBER:		0000943440-06-000024
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060123
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060125
DATE AS OF CHANGE:		20060125

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PETMED EXPRESS INC
		CENTRAL INDEX KEY:			0001040130
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-DRUG STORES AND PROPRIETARY STORES [5912]
		IRS NUMBER:				650680967
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			0330

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-28827
		FILM NUMBER:		06549756

	BUSINESS ADDRESS:	
		STREET 1:		1441 SW 29 AVENUE
		CITY:			POMPANO BEACH
		STATE:			FL
		ZIP:			33069
		BUSINESS PHONE:		9549794788

	MAIL ADDRESS:	
		STREET 1:		1441 SW 29 AVENUE
		CITY:			POMPANO BEACH
		STATE:			FL
		ZIP:			33069
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>jan2306-8k.txt
<TEXT>

                                                 OMB APPROVAL
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                          UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                      Washington, DC 20549

                            FORM 8-K

                         CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)    January 23, 2006
                                                    ----------------
                      PETMED EXPRESS, INC.
       ----------------------------------------------------
      (Exact name of registrant as specified in its charter)

         Florida                 000-28827        65-0680967
- ------------------------------------------------------------------
(State or other jurisdiction    (Commission      (IRS Employer
       of incorporation)        File Number)   Identification No.)

1441 S.W. 29th Avenue, Pompano Beach, Florida           33069
- ------------------------------------------------------------------
  (Address of principal executive offices)            (Zip Code)

Registrant's telephone number, including area code  (954) 979-5995
                                                    --------------

- ------------------------------------------------------------------
 (Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General
Instruction A.2. below):

[  ]  Written communications pursuant to Rule 425 under the
      Securities Act (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the
      Exchange Act (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-
      2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-
      4(c) under the Exchange Act (17 CFR 240.13e-4(c))



<PAGE>



Item 2.02 Results of Operation and Financial Condition

     On January 23, 2006, PetMed Express, Inc. issued a press
release announcing its December 31, 2005 quarter end results.  A
copy of this press release is attached hereto as Exhibit 99.1 and
is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

      (c)    Exhibits

             99.1 Press Release issued by PetMed Express, Inc. on
             January 23, 2006


                           SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.

                                 PETMED EXPRESS, INC.

Date:  January 24, 2006          By:  /s/ Menderes Akdag
                                 -------------------------------------
                                 Menderes Akdag,
                                 Chief Executive Officer and President


                                 By: /s/ Bruce S. Rosenbloom
                                 -------------------------------------
                                 Bruce S. Rosenbloom,
                                 Chief Financial Officer

<PAGE>



                             EXHIBIT INDEX

Exhibit No.      Description


99.1     Press Release issued by PetMed Express, Inc. on January 23, 2006



<PAGE>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>jan2306k-ex991.txt
<TEXT>


                              EXHIBIT 99.1

Date:     January 23, 2006
Contact:  Bruce S. Rosenbloom, CFO
Phone:    (954) 979 5995
Fax:      (954) 971 0544

PETMED EXPRESS D/B/A 1-800-PETMEDS ANNOUNCES RECORD THIRD QUARTER
FINANCIAL RESULTS - SALES INCREASE 25%, NET INCOME INCREASES 37%

Pompano Beach, Florida, January 23, 2006 - PetMed Express, Inc.
(NASDAQ: PETS) today announced its financial results for the
quarter ended December 31, 2005.  Net sales for the quarter ended
December 31, 2005 were $25.9 million, compared to $20.8 million
for the quarter ended December 31, 2004, an increase of 25%.  Net
income was $2.7 million, or $0.11 diluted per share, for the
quarter ended December 31, 2005, compared to net income of $2.0
million, or $0.08 diluted per share, for the quarter ended
December 31, 2004, an increase to net income of 37%.  Net sales
for the nine months ended December 31, 2005 were $108.2 million,
compared to $84.8 million for the nine months ended December 31,
2004, an increase of 28%.  Net income for the nine months ended
December 31, 2005 was $8.9 million, or $0.37 diluted per share,
compared to net income of $5.6 million, or $0.23 diluted per
share, for the nine months ended December 31, 2004, an increase
to net income of 60%.

The Company acquired approximately 105,000 new customers during
the third fiscal quarter compared to 85,000 new customers for the
same quarter in the prior year.  Approximately 57% of all orders
were placed on the Company's website during the third fiscal
quarter.

Menderes Akdag, CEO and President, commented: "We are pleased to
report that our retail new order sales increased by 26% to $7.3
million for the third fiscal quarter compared to $5.8 million for
the same quarter in the prior year.  The advertising cost of
acquiring a new customer for the third fiscal quarter improved to
approximately $30 compared to $31 for the same quarter in the
prior year.  In addition, our retail reorder sales increased by
25%, from $14.5 million to $18.1 million for the quarters ended
December 31, 2004 and 2005, respectively.  We are also pleased to
report that net cash provided by operating activities increased
by $10.0 million, from $3.5 million for the nine months ended
December 31, 2004 to $13.5 million for the nine months ended
December 31, 2005."

This morning at 8:30 A.M. Eastern Time, Mr. Akdag will host a
conference call to review the quarter's financial results.  To
access the call which is open to the public, call (888) 455-1758
(toll free) or (210) 234-0010.  Callers will be required to
supply PETMEDS as the passcode.  For those unable to participate
in the live event, the call will be available for replay from 10
A.M. on January 23, 2006 until February 6, 2006 at 5:00 P.M.  To
access the replay, call (866) 487-7597 (toll free) or (203) 369-
1654, and enter passcode 5500.

Founded in 1996, PetMed Express is America's largest pet
pharmacy, delivering prescription and non-prescription pet
medications and other health products for dogs, cats and horses
at competitive prices direct to the consumer through its 1-800-
PetMeds toll free number and on the Internet through its website
at www.1800petmeds.com.
   --------------------

This press release may contain "forward-looking" statements, as
defined in the Private Securities Litigation Reform Act of 1995
or by the Securities and Exchange Commission, that involve a
number of risks and uncertainties, including the Company's
ability to meet the objectives included in its business plan.
Important factors that could cause results to differ materially
from those indicated by such "forward-looking" statements are set
forth in Management's Discussion and Analysis of Financial
Condition and Results of Operations in the PetMed Express Annual
Report on Form 10-K for the year ended March 31, 2005.  The
Company's future results may also be impacted by other risk
factors listed from time to time in its SEC filings, including,
but not limited to, the Company's Form 10-Q and its Annual Report
on Form 10-K.

For investment relations contact PetMed Express, Inc., Bruce S.
Rosenbloom, CFO, 954-979-5995.

                                ###



                         99.1 page 1 - 4

<PAGE>


                   PETMED EXPRESS, INC. AND SUBSIDIARIES
                   CONDENSED CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>

                                                   December 31,     March 31,
                                                      2005            2005
                                                    -----------    -----------
                                                   (UNAUDITED)
<S>                                                <C>             <C>
                              ASSETS
                              ------
Current assets:
   Cash and cash equivalents                       $ 26,640,511   $ 12,680,962
   Accounts receivable, less allowance for
      doubtful accounts of $13,000 and $37,000,
      respectively                                      658,726      1,796,756
   Inventories - finished goods                      11,572,899     11,180,333
   Prepaid expenses and other current assets            374,303        213,152
                                                    -----------    -----------
          Total current assets                       39,246,439     25,871,203

   Property and equipment, net                        1,141,641      1,286,267
   Deferred income taxes                                630,833        582,846
   Intangible asset                                     365,000        365,000
   Other assets                                          14,167         14,167
                                                    -----------    -----------
Total assets                                       $ 41,398,080   $ 28,119,483
                                                    ===========    ===========

                LIABILITIES AND SHAREHOLDERS' EQUITY
                ------------------------------------

Current liabilities:
   Accounts payable                                $  1,859,103   $  2,724,990
   Income taxes payable                               4,576,531        601,535
   Accrued expenses and other current liabilities       946,759        575,894
                                                    -----------    -----------

Total liabilities                                     7,382,393      3,902,419
                                                    -----------    -----------
Commitments and contingencies

Shareholders' equity:
   Preferred stock, $.001 par value, 5,000,000
      shares authorized; 2,500 convertible shares
      issued and outstanding with a liquidation
      preference of $4 per share                          8,898          8,898
   Common stock, $.001 par value, 40,000,000 shares
      authorized; 23,728,555 and 23,458,725 shares
      issued and outstanding, respectively               23,729         23,459
   Additional paid-in capital                        12,948,460     12,074,611
   Retained earnings                                 21,034,600     12,110,096
                                                    -----------    -----------

          Total shareholders' equity                 34,015,687     24,217,064
                                                    -----------    -----------

Total liabilities and shareholders' equity         $ 41,398,080   $ 28,119,483
                                                    ===========    ===========
</TABLE>


                         99.1 page 2 - 4


<PAGE>


                PETMED EXPRESS, INC. AND SUBSIDIARIES
             CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                             (UNAUDITED)
<TABLE>
<CAPTION>

                                                 Three Months Ended              Nine Months Ended
                                                    December 31,                    December 31,
                                                 2005           2004            2005            2004
                                             ------------   ------------    ------------    ------------
<S>                                          <C>            <C>             <C>             <C>
Sales                                       $  25,890,095  $  20,782,837   $ 108,174,527   $  84,826,062
Cost of sales                                  15,613,715     12,337,310      66,188,709      50,905,585
                                             ------------   ------------    ------------    ------------

Gross profit                                   10,276,380      8,445,527      41,985,818      33,920,477
                                             ------------   ------------    ------------    ------------
Operating expenses:
  General and administrative                    3,060,580     2,541,197       10,722,151       8,734,370
  Advertising                                   3,189,099     2,628,090       17,716,234      16,012,910
  Depreciation and amortization                   135,638       146,609          394,928         460,962
                                             ------------   ------------    ------------    ------------
Total operating expenses                        6,385,317     5,315,896       28,833,313      25,208,242
                                             ------------   ------------    ------------    ------------

Income from operations                          3,891,063     3,129,631       13,152,505       8,712,235
                                             ------------   ------------    ------------    ------------
Other income (expense):
  Interest expense                                      -             -                -            (880)
  Interest income                                 215,590        33,409          467,742          55,414
  Other, net                                       49,147           906          171,255           2,317
                                             ------------   ------------    ------------    ------------
Total other income (expense)                      264,737        34,315          638,997          56,851
                                             ------------   ------------    ------------    ------------

Income before provision for income taxes        4,155,800     3,163,946       13,791,502       8,769,086

Provision for income taxes                      1,483,708     1,206,835        4,866,998       3,182,182
                                             ------------   ------------    ------------    ------------

Net income                                      2,672,092     1,957,111        8,924,504       5,586,904
                                             ============   ===========     ============    ============
Net income per common share:

   Basic                                    $        0.11  $       0.08    $        0.38   $        0.25
                                             ============   ===========     ============    ============
   Diluted                                  $        0.11  $       0.08    $        0.37   $        0.23
                                             ============   ===========     ============    ============
Weighted average number of common shares
 outstanding:
   Basic                                       23,680,221    23,266,549       23,572,211      22,670,044
                                             ============   ===========     ============    ============
   Diluted                                     24,255,705    23,903,297       24,105,124      23,867,698
                                             ============   ===========     ============    ============

</TABLE>


                         99.1 page 3 - 4


<PAGE>


             PETMED EXPRESS, INC. AND SUBSIDIARIES
     CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                        (UNAUDITED)
<TABLE>
<CAPTION>


                                                                       Nine Months Ended
                                                                          December 31,
                                                                      2005           2004
                                                                   -----------    -----------
<S>                                                               <C>            <C>
 Cash flows from operating activities:
    Net income                                                    $  8,924,504   $  5,586,904
    Adjustments to reconcile net income to net cash
     provided by operating activities:
        Depreciation and amortization                                  394,928        460,962
        Tax benefit related to stock options exercised                 212,856        826,476
        Deferred income taxes                                          (47,987)       (77,455)
        Bad debt expense (recovery)                                    (16,144)       (14,530)
        (Increase) decrease in operating assets and liabilities:
          Accounts receivable                                        1,154,174        849,394
          Inventories - finished goods                                (392,566)    (2,276,359)
          Prepaid expenses and other current assets                   (161,151)       (63,947)
          Other assets                                                       -          7,655
          Accounts payable                                            (865,887)    (1,698,494)
          Income taxes payable                                       3,974,996        123,489
          Accrued expenses and other current liabilities               370,865       (187,771)
                                                                   -----------    -----------
 Net cash provided by operating activities                          13,548,588      3,536,324
                                                                   -----------    -----------
 Cash flows from investing activities:
    Purchases of property and equipment                               (250,302)      (146,623)
                                                                   -----------    -----------
 Net cash used in investing activities                                (250,302)      (146,623)
                                                                   -----------    -----------
 Cash flows from financing activities:
    Proceeds from the exercise of stock options,
       warrants, and other transactions                                661,263      1,225,835
    Payments on the loan obligation                                          -        (68,442)
                                                                   -----------    -----------
 Net cash provided by financing activities                             661,263      1,157,393
                                                                   -----------    -----------

 Net increase in cash and cash equivalents                          13,959,549      4,547,094
 Cash and cash equivalents, at beginning of period                  12,680,962      3,278,926
                                                                   -----------    -----------

 Cash and cash equivalents, at end of period                      $ 26,640,511   $  7,826,020
                                                                   ===========    ===========
 Supplemental disclosure of cash flow information:

    Cash paid for interest                                        $          -   $        802
                                                                   ===========    ===========
    Cash paid for income taxes                                    $    727,132   $  2,309,672
                                                                   ===========    ===========
</TABLE>

                         99.1 page 4 - 4



<PAGE>



</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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